§ MR. RIDSDALE (Brighton)
I beg to ask Mr. Attorney-General whether it is the practice of the Public Trustee to endeavour to arrange with stockbrokers for the return of half the commission charged by them on transactions for estates under his control; and whether any moneys so obtained are placed to the credit of the respective estates concerned, or, if not, what becomes of them.
§ THE ATTORNEY-GENERAL (Sir W. ROBSON,) South Shields
There is a distinction made between cases of sale and those of purchases made for investment. The Public Trustee is authorised by the Treasury under the Statutory rules to make a charge of ½ per cent. for the trouble and responsibility involved in making an investment, and out of this he pays the stockbroker. This office, therefore, gets the benefit of any commission returned. In the case of sales, the Public Trustee charges no fee. The broker is paid out of the Trust Estate, and consequently that estate gets any commission returned. In the case of a sale for the purpose of making a new investment, when done in one Stock 1257 Exchange Account, the ½ per cent. investment fee covers the brokerage on both transactions, and consequently any commission returned is retained by the Trustee.
§ MR. RIDSDALE
asked whether this somewhat complicated arrangement was made public by the Official Trustee.
§ SIR W. ROBSON
It is made public. The Public Trustee is authorised to make this charge of 10s. per cent. but it is not stated that out of that 10s. he pays the broker.